The United States Chamber of Commerce has slammed the Securities and Exchange Commission (SEC) for its “happy, enforcement-based approach” to regulating the cryptocurrency industry on American soil.
In an amicus brief filed with the US Court of Appeals on May 9, the US Chamber of Commerce threw its full weight behind Coinbase, accusing the SEC of intentionally creating an uncertain and uncertain landscape for crypto companies operating in the country.
“The SEC has intentionally muddied the waters by claiming overwhelming authority over digital assets while adopting a haphazard, enforcement-based approach,” it wrote.
“This regulatory chaos is by design, not coincidence.”
An ‘amicus brief’ is derived from the Latin word for ‘friend of the court’ and refers to advice or information from a third party not explicitly involved in a specific lawsuit.
Furthermore, the Chamber of Commerce is pressuring the SEC to immediately respond to Coinbase’s April 25 complaint, asking the regulator to respond to its “request for regulation” and provide clear regulatory guidance for crypto companies operating in the country. seeking coercion.
The complaint was filed after the crypto exchange received a notice from the SEC in March about “potential violations” of the exchange’s US securities laws by Wells.
It is worth noting that Coinbase’s complaint is not asking the court to compel the SEC to pass new regulations on cryptocurrencies. Instead, the exchange is only asking that the commission provide a response to its July petition, which it is legally entitled to receive within a “reasonable time.”
Going straight to the point, the chamber of commerce stressed that the SEC’s “refusal” to comment on Coinbase or “otherwise engage in rule-making” is not only harmful, but illegal.
“The SEC’s actions are not simply harmful policies; they are illegal; And the consequences of the SEC’s continued delay are dire for that reason as well.”
The chamber of commerce also challenged the financial regulator for failing to provide a clear answer as to which, if any, of the nearly 20,000 digital assets currently in existence should be considered “securities” under federal law.
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It stressed that the answer to this question would have “enormous implications” for “everyone involved” in the emerging $1 trillion digital asset economy.
“Remarkably, the Securities and Exchange Commission – despite declaring itself to be the leading regulator of digital assets – has refused to address this border issue.”
The Chamber of Commerce is not alone in providing legal assistance to Coinbase. Paradigm, the crypto investment firm headed by Coinbase co-founder Fred Ehrsum, petitioned to submit another amicus brief in support of the crypto exchange, similarly claiming that the SEC’s actions “crippled the nascent industry”. Is”.
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